HomeMy Public PortalAbout002-2020 - To Establish Improvement Funds for the Stormwater Management Board STORM WATER MANAGEMENT BOARD
RESOLUTION NO. 2-2020
A RESOLUTION TO ESTABLISH IMPROVEMENT FUNDS FOR
THE STORM WATER MANAGEMENT BOARD OF THE
RICHMOND SANITARY DISTRICT
WHEREAS, The City of Richmond, Indiana (the "City"), has heretofore
established and constructed and currently owns a sewage works, as
such term is defined in Indiana Code 36-9-23, as amended (the
"Act") by and through its Board of Sanitary Commissioners of the
City of Richmond, pursuant to the provisions of the Act; and
WHEREAS The Storm Water Management Board (hereinafter "Board") of the
Richmond Sanitary District is continually involved with long-term
capital projects and expenditures on behalf of City with significant
dollar amounts and the Board is in need of ensuring that these
improvement projects and expenditures have sufficient funds
available for the Board's long-term capital projects and
expenditures; and
WHEREAS, The funds needed by the Board are similar to rainy day funds so
that the Board's needed improvement funds for capital projects and
expenditures do not revert back to the City's General Fund if the
improvement funds are not appropriated and spent in a particular
year; and
WHEREAS, The Board has ongoing capital improvement projects and
expenditures .in need of being created, restricted, marked and
funded as "Improvement Funds". These funds include the
following account to be numbered and established as improvement
funds, the amount to be transferred to establish the account and the
account number of where the fund is presently located:
a) 0908 Storm Water Account $ 958,389
West Side Interceptor
No. 0907-0000-800-6000
TOTAL: Improvement Funds $ 958,389
i
Resolution No. 2-2020
Page 2
WHEREAS, The Board finds it is in the best interests of the Board and the City
of Richmond to approve the establishment of Improvement Funds
as set forth above and which Improvement Funds are in addition to
existing accounts of the Board; and
WHEREAS, There are not sufficient funds at the present time in the Board's
budget to fully fund ongoing capital projects and expenditures if
any of the proposed Improvement Funds set out above are
appropriated and spent elsewhere within the Board's or City
budgets; and
WHEREAS, If the Improvement Funds as set forth above are not established,
and said existing accounts for capital improvements are utilized for
monies other than the Board's projects, the exposure to both City
taxpayers and the Board's rate payers could result in the Board
being forced to borrow by bonding for significant monies to fund
Board capital projects that had been utilized and spent for purposes
other than the Improvement Funds.
NOW THEREFORE, BE IT RESOLVED by the Storm Water Management Board of
the Richmond Sanitary District, which said Board, having reviewed and discussed the
Storm Water Management Board's essential capital projects, and incorporating the
Whereas set forth above, now approves, expressly subject to approval by the Common
Council of the City of Richmond, Indiana, establishing the following Improvement Funds
for the Storm Water Management Board of the Richmond Sanitary District:
a) 0908 Storm Water Improvement Savings Funds Account
BE IT FURTHER RESOLVED by the Storm Water Management Board of the
Richmond Sanitary District, that said Board approves, expressly subject to approval by
the Common Council of the City of Richmond, Indiana,the transfer of the following fund
from the Storm Water Management Board of the Richmond Sanitary District's accounts
to the following Improvement Funds Account:
a) 0908 Storm Water Account $ 958,389
TOTAL: Improvement Funds $ 958,389
Resolution No. 2-2020
Page 3
,
Passed and Adopted this 0 day of September, 2020, by the Board of Storm Water
Management of the Richmond Sanitary District of the City of Richmond, Indiana.
BOARD OF STORM WATER MANAGEMENT
OF THE RICHMOND SANITARY DISTRICT
Greg Stiens, President
an B resident
Sue Miller, Member v
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Denise Johnson ' ecording Secretary